EU won’t back climate damage fund talks at COP27, says draft – POLITICO

According to the draft negotiating plan, the European Union will not support developing country demands for new funds to be drawn up at the COP27 UN climate conference.

of Documentis subject to change before being finalized by Finance Ministers on 4 October, requiring the EU to do more in response to the snowballing effects of climate change in poor countries. emphasized that

But there is no mention of meeting fragile states’ demands to include discussions on the new fund at talks in Sharm el-Sheikh in November. The draft instead supports the more general discussion initiated at COP26 that “funding activities to avoid, minimize and deal with loss and damage will be discussed”.

Calls for relief have grown in recent weeks after devastating floods in Pakistan, highlighting the inevitable effects of global warming, especially in areas where people are left unprotected by poverty. I’m here.

Climate diplomats head to the Democratic Republic of the Congo next week for a pre-COP meeting, with pressure on all sides to find a compromise and avoid an explosive battle that derails Egypt’s meeting.

Last week, an EU official said: Politico Brock wasn’t persuaded that a new fund was needed, but admitted that the richest countries, which have done the most to cause climate change, need to come up with solutions.

The draft, obtained by POLITICO, endorsed an insurance initiative called the Global Shield, which would “integrate ‘responding to the adverse effects of climate change’ into the design and delivery of humanitarian and development assistance.”